Cronos Group Reports Increased 4Q, 2004 Earnings

The Cronos Group, a lessor of intermodal freight containers, said Tuesday it had net income of 51 cents per share or $3.9 million in the fourth quarter of 2004, up from the 30 cents per share or $2.4 million it earned in the same period the previous year.

For the full year, the company reported net income of $8.9 million or $1.14 per share, also an increase on 2003 when the company earned $4.2 million or 55 cents per share.

The company said that leasing revenue rose $14.6 million in 2004, "driven by strong growth in global container trade volumes and an 8% increase in the size of the company’s owned and managed container fleets."

During 2004, Cronos said it spent $122 million on new containers, "representing 55,000 TEU."